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Manila Bulletin devider devider Chavit partners with Korean investors to lower infra cost

Chavit partners with Korean investors to lower infra cost

Published Mar 23, 2019 07:16 pm
By Philippine News Agency LAOAG CITY -- Former Ilocos Sur governor Luis “Chavit” Singson is bent on bringing down the prices of building materials in the country as he reported a looming business partnership with Korean investors. Singson confirmed this in an interview this week, saying a new technology in Korea and China is on its way to Ilocos Sur to provide an alternative for steel bars used for building houses and roads. Known as glass fiber-reinforced polymer rebars, this building material will soon be available in Ilocos Sur, Singson said. “This fiberglass rebar is three times stronger than steel, six times lighter than steel, and 30 percent cheaper than steel. Product testing has already been approved and the best thing about it is it is non-corrosive,” he said about this latest development. As of this posting, Singson said he is eyeing to establish about 30 warehouses from Santa to Narvacan in Ilocos Sur to store the products, which come in all sizes. Following the visit of President Rodrigo Duterte in South Korea in June last year, Singson said it has reinvigorated trade between the two countries. This resulted in more than 20 agreements signed between South Korean and Philippine companies. These agreements are projected to generate an estimated USD4.8 billion in investments and 20,000 to 25,000 new jobs.
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